Prince Alwaleed Bin Talal announced today that his new international news channel 'Alarab' will be launched in 2012 and Bloomberg LP will join the venture.

Well-known Saudi journalist Jamal Ahmad Khashoggi will manage the 24-hour channel which will target Arabic-speaking viewers across the world.  

The Alarab news channel is an independent venture from Kingdom Holding Company and the Rotana group and is privately owned by Prince Alwaleed Bin Talal.  

Alarab will focus editorially on the important shifts taking place across the Arab world with an emphasis on freedom of speech and freedom of press, a statement said.

"Furthermore, it will uphold the principle of free transfer of information as well as, objective, balanced and credible reporting.  The news channel will cover the latest developments around the world and will also highlight political, social and economic issues in Saudi Arabia and the Arab world," it said.

Prince Alwaleed announced that Bloomberg will support the creation of five hours of financial and economic news programing throughout the day on the channel.

Bloomberg-branded business reports will air within Alarab’s daily coverage with reports from the Mena markets as well as a weekly roundup of global financial news.  Moving beyond the news headlines, it will also feature regular segments on Arab business leaders from Saudi Arabia, the Gulf region and the international Arabic speaking world.

A team of Bloomberg media specialists and producers will be provided to the Alarab channel and will assist in the production of the channel’s economic and business coverage drawing on Bloomberg’s extensive financial and economic data from the Bloomberg Professional service and reporting from Bloomberg's 2,300 journalists in 146 news bureaus across 72 countries.

The location of Alarab’s headquarters and main broadcast centre has not yet been announced, although Manama, Doha, Dubai, Abu Dhabi, and Beirut are among the cities being considered. Alarab will hire experienced Arabic speaking media professionals in addition to attracting new talent.

The news channel will offer Arab viewers premium and credible content and will be one of the most prominent news channels broadcasting from the region alongside other networks, the statement said. 

Prince Alwaleed said: “The Arab world is interested in the fields of business, employment, economic development, and is focused on prosperity and growth. Our alliance with Bloomberg and its credible source of financial and economic data, together with its extensive media experience, will provide the Alarab news channel with a strong and comprehensive economic platform to accurately cover Saudi Arabia, and the rest of the Arab world.” - TradeArabia News Service